Studying is an expensive period in everyone’s life.
You have to deal with a lot of costs throughout the year. This ranges from purchasing material, study books to renting a room. As a student you often do not have the finances to pay for all this. The parents can help, but that is also not an inexhaustible source. Then a student loan is possible. How do you look for a bank for this and what should you look out for?
There are plenty of banks in our country, so you won’t have to look for that for too long.
A loan to finance a study is also possible. If necessary, start the search at your regular home bank. You already know the habits a bit there. Search for the right type of loan and then click to the loan simulation page. There you enter an amount that you wish to borrow and you can also choose the duration of the loan.
You can even choose the duration by having a slider determine the number of months. A longer duration means that you have to pay a lower monthly amount. Unfortunately it does mean that you will have to pay more costs. The other option is a lower number of months, then you pay more monthly but you also have to pay less costs. Both options therefore clearly have their advantages and disadvantages. The choice is yours.
Of course, a bank does not just give a loan, before you get it they want to know how you are doing financially. When you apply for a loan, you must first provide your financial details. Based on your income and expenses, they then look at the options. If you do not yet have any other fixed costs such as current loans, no problems can be expected. But you do need a permanent job anyway. So if your parents are responsible for the loan, they need a steady income to apply for a student loan.
If you perform a loan simulation, you will also see the costs.
The APR or annual cost percentage is already a clear indicator of how high or how low the costs will be. If your home bank does not have an interesting percentage, look further and perform simulations at other banks. Until you find the loan with the best conditions. Because then you pay the least per month.
If the application has been submitted and the bank has not seen any problems with your financial data, you can expect the loan on your account fairly quickly. From then on, the installment will also start. This is done automatically by direct debit for the entire duration of the loan. Every month the amount that you have seen during the simulation of your account. So getting a loan is fairly short-term and in some cases you don’t even have to get out of your house. Everything can be looked up and processed online.